Premium Discounts May Result From

question 11

Multiple Choice

Premium discounts may result from:

• A) safe driving record and prompt premium payment.
• B) good grades and long-term employment.
• C) multiple auto ownership and good credit rating.
• D) safe driving record and good academic grades.
• E) long-term employment and prompt payment of traffic tickets.

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Definitions:

Markup Percentage

Markup percentage is a measure of how much the selling price of an item or service exceeds its cost, expressed as a percentage of the cost.

Variable Cost Concept

The principle that costs vary in proportion to the level of production or business activity, meaning they increase with more output and decrease with less output.

Engineering Change Order

A documented instruction that outlines the proposed changes in the details of an engineering project or product.

Product Change

The process of modifying or enhancing a product's features, design, or specifications to improve its appeal or functionality.